Kathmandu. The 27th Annual General Meeting of IGI Prudential Insurance Limited was held at Amrapali Banquet, Bhatbhateni, Naxal, Kathmandu. Welcoming all the shareholders at the general meeting, Chairman Hemraj Dhakal said that insurance is directly linked to the lives of citizens and informed that for more than two decades, IGI Prudential Insurance has been playing a facilitating role in minimizing many such risks that come into the lives of citizens and has been making a significant contribution to the overall economy.
On the occasion, Dhakal said that non-life insurance companies have earned Rs. 41.47 billion in insurance premiums in the review year, which is an increase of 2.8 percent over the previous year. Also, in the year under review, In 2080-81, the contribution of the non-life insurance sector to the gross domestic product was 0.73 percent and that of the total insurance sector was 3.47 percent. The index clearly shows that there is a lot of potential in the development of the insurance sector, and informed that the company has succeeded in earning 3.63 billion insurance premiums in the year under review, increasing the profit of the previous year by 7.12 percent.
Similarly, the company informed that the amount of Rs. 294.961 thousand 530 (including tax purposes) to be paid to the shareholders at the rate of 9.7368 percent of the paid-up capital from the distributable profit of the financial year 2080.081 and the accumulated profit of the previous financial year has been approved by the meeting.
The construction of an 11-storey building under construction on the company’s own land has reached the final stage, and the entire work of the building is expected to be completed within about 6 months, and similarly, the company is moving forward with the concept of its own buildings in various provinces from next year. The shareholders were informed about the details of the postponement and the arrangements to be made accordingly. He thanked all the shareholders for approving all the general and special proposals presented by the company to the 27th General Meeting with a loud voice.
On the occasion, the Chief Executive Officer of the company, Yugesh Bhakta Bade Shrestha, welcomed all the shareholders to the 27th Annual General Meeting of the company and informed that the company is establishing itself as a leading company in the insurance market today with the support of its customers, investors, regulatory bodies and team of colleagues. He promised that the company will always be ready to provide continuity to this. The sentiment of the investors and the directives of the Board of Directors informed that we are moving forward.
In order to extend the reach of insurance to all parts of the country, we have a strong presence in 83 locations, including 69 branches and sub-branches and 14 service counters in all seven provinces, with 501 employees, 45.79 percent of whom are women, and are providing services to our valued customers through 400 agents and 191 surveyors. The company has succeeded in collecting Rs. 3 billion 636.1 million insurance premiums in the review year, increasing the insurance premium amount earned in the last fiscal year 2079.080 by 7.12 percent from Rs. 3 billion 394.5 million.
Similarly, the total payment of Rs. 592.2 million to the Government of Nepal for various taxes in the last fiscal year increased by 35.80 percent in the review year to Rs. 805 million, he said, making a great contribution to nation building.
